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Thursday, October 31, 2013

Cornyn, Johnson Introduce A National Tax Transparency Act Following the Texas Model

Senator John Cornyn Press Release:

Oct312013

WASHINGTON – U.S. Senator John Cornyn and U.S. Representative Sam Johnson (TX-03) introduced the Tax Transparency Act of 2013 (S.1620, H.R.3417) in the Senate and House of Representatives. The bill is modeled after a legislative rule in the Texas House of Representatives authored by State Representative Van Taylor (District 66 - Collin County), which requires revenue legislation introduced in the Texas House to state up front whether or not it raises taxes on Texans.

“Texas has a proven model of lower taxes, limited government and sensible regulations that allows our economy to expand and create jobs,” said Sen. Cornyn. “The Tax Transparency Act of 2013 will follow the Texas model and bring Texas sunshine and transparency to Washington.”

“The American people deserve to know upfront whether legislation will affect their taxes. Texas understands the importance of this commonsense idea. It’s time for Washington to follow in Texas’ footsteps on transparency and taxes. The Tax Transparency Act of 2013 is a step in that direction,” said Congressman Johnson.

Background on the Tax Transparency Act of 2013

This legislation would add sunshine to the legislative process and provide taxpayers with easy-to-understand information about legislation that impacts their pocketbook by:

Increasing transparency and accountability by requiring every tax bill, amendment, and conference report to include an easy and understandable transparency statement describing the general effect that the legislation has on federal tax law.

Creating a point of order against any legislation that affects taxes that does not contain a tax transparency statement.

Requiring Congressional debate on any motion to waive the new point of order.